June 15, 2007
New Real Estate Purchase Contract includes attorney review clause
As the mercury rises, so do home sales and the legal problems associated with them. Despite the recent lackluster real estate market, summer months have historically been kind to home sales. The transaction of buying a home has become increasingly complicated throughout the years, and the Real Estate Purchase Contract generally used in Columbus for residential transactions was recently revised to encourage parties to consult an experienced real estate attorney to review and explain the contract. The goal is to better educate buyers and sellers alike to ensure that the sale is completed to the satisfaction of all parties.
“A lawyer’s experience and knowledge in an area like real estate law can help save a home owner thousands of dollars,” said Alex Lagusch, CBA Executive Director. “Even the most diligent real estate agent doesn’t have the training to recognize the many legal issues that need to be dealt with starting before the contract is signed. Consulting an attorney before signing anything, or including a proper attorney review clause and consulting the attorney immediately after signing, can prevent many costly and aggravating problems.”
Buying real estate is often the biggest investment of a person’s life. The purchase involves many serious legal issues affecting the rights and obligations of both buyers and sellers. The relatively small amount spent on legal services will undoubtedly save the buyer from hours of headaches and likely up to thousands of dollars. An experienced real estate attorney can help consumers make informed decisions that could potentially save them, money, time and undue stress in the long run.
While both realtors and attorneys play a significant role in a real estate transaction, “having an attorney to advise you about potential legal issues, review the purchase contract, and explain the many loan and closing documents can help avoid problems and ensure that your purchase transaction goes without a hitch,” notes CBA Real Property Chair and real estate attorney James Zitesman. “Although it is a largely pre-printed form, it is highly technical, and the parties must understand the ramifications of all aspects of the contract including the financing provisions, the taxes and assessments, and the inspections so that informed decisions can be made throughout the process.”
CBA members can access the newly revised Real Estate Purchase Contract at www.cbalaw.org/formsdocuments/realestateforms/index.php.